Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

Registered by

Ministry of Justice of Ukraine

November 1, 2010

No. 1017/18312


of October 12, 2010 No. 1202

About approval of national provisions (standards) of financial accounting in public sector

(as amended on 20-07-2020)

According to part two of article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" and in pursuance of the Strategy of upgrade of the system of financial accounting in public sector for 2007-2015 approved by the resolution of the Cabinet of Ministers of Ukraine of 16.01.2007 No. 34, I ORDER:

1. Approve national provisions (standards) of financial accounting in public sector 121 "Fixed assets", 122 "Intangible assets" and 123rd "Inventories" approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine are applied.

2. Repeal the order of the Ministry of Finance of Ukraine of 30.11.2009 No. 1396 "About approval of Changes to some provisions (standards) of financial accounting", registered in the Ministry of Justice of Ukraine 23.12.2009 for No. 1239/17255.

3. To management of methodology of financial accounting (Parkhomenko V. M.):

3.1. Provide submission of this order in five-day time after its edition in accordance with the established procedure on state registration in the Ministry of Justice of Ukraine.

3.2. In ten-day time from the date of state registration of this order in the Ministry of Justice of Ukraine to provide its promulgation on the official website of the Ministry of Finance of Ukraine on the Internet.

4. Determine that this order becomes effective since January 01, 2015.

5. To impose control over the implementation of this order on the Deputy Minister of Finance of Ukraine Efimenko T. I.



Approved by the Order of the Ministry of Finance of Ukraine of December 12, 2010 No. 1202

National provision (standard) of financial accounting in public sector 121 "Fixed assets"

I. General provisions

1. This National provision (standard) determines methodological bases of forming in financial accounting and disclosures in the financial reporting of information on fixed assets, other non-current tangible assets (further - fixed assets) and incomplete capital investments into non-current tangible assets.

2. Regulations of this National provision (standard) are applied by subjects of public sector (further - subjects of public sector).

3. This National provision (standard) does not extend to fixed assets which contain with sales objective, investment the real estate, non-current biological assets, non-renewable natural resources and minerals which features of accounting are determined by other national provisions (standards) of financial accounting in public sector.

4. The terms used in national provisions (standards) of financial accounting in public sector have the following value:

assets - the resources controlled by the subject  of public sector as a result of last events which use, as expected, will lead to receipt of economic benefits in the future and/or to have usefulness potential;

the active market - the market in which the following conditions are inherent:

objects which are on sale and bought in this market is uniform;

at any time it is possible to find the interested sellers and buyers;

information on market prices is public;

depreciation - systematic distribution of cost of non-current assets which will be amortized during the term of their useful use (operation);

the cost which will be amortized, - original or revaluated value of non-current assets less their salvage value;

group of fixed assets - set same on technical characteristics, appointment and conditions of use of fixed asset objects;

residual cost - difference between the original (overpriced) cost of non-current asset and the amount of its cumulative depreciation;

impairments - loss of economic benefit or potential of usefulness in the amount of excess of residual cost of asset over the amount of the expected compensation;

depreciation of fixed assets - depreciation amount of fixed asset object since the beginning of its useful use;

salvage value - the amount of means or cost of other assets which the subject of public sector expects to receive from realization (liquidation) of non-current assets after the termination of term of their useful use (operation), less the expenses connected with sale (liquidation);

incomplete capital investments into non-current tangible assets - capital investments into construction, production, reconstruction, upgrade, acquisition of objects of non-current tangible assets which input in operation for date of balance did not occur;

fixed assets - the tangible assets containing for use in production/activities or by delivery of goods, performance of works and rendering services for achievement of effective objective and/or requirements satisfaction of the subject of public sector or leasing to other persons are also used, as expected, more than one year;

original cost - historical (actual) asset cost in the cash amounts or fair value of other assets paid (transferred, spent) for acquisition (creation) of assets;

revaluated value - asset cost after their revaluation;

similar objects - the objects having identical functional purpose and identical fair value;

potential of usefulness of assets - the existing and potential opportunities which will be had by the subject of public sector from use of assets directly do not generate cash receipts, for achievement of effective objective and/or requirements satisfaction;

Fair value - the amount on which it is possible to sell asset or to pay obligations in case of usual conditions for certain date;


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